The Law Commission’s Report on Retirement Housing is big news for property

"We welcome the Law Commissioners report which highlights that event fees can be a tool that can make specialist housing affordable to more areas of the country. They bring consumers benefits, such as deferment of costs or increased services and amenity. Many of our clients have been at the forefront of this to ensure transparency and ensure clarity of the purpose and benefit of event fees to residents and owners in retirement villages.

“Any effort to close out unscrupulous parties from benefiting from poor practice is to be applauded."

"Legal clarity will enable investment into the sector by long term investors, such as pension funds and insurers who will want to ensure the long term viability of developments. This will bring stability and a significant increase in the number and quality of developments, which is needed to meet the chronic undersupply of suitable accommodation in the UK.

“Purchasers of these units want to enjoy their retirement and live in an alternative between mainstream housing and care homes, and the use of event fees is a way to fund the increased amenity and service that is provided over other accommodation; the assumption that buyers do not know what they are doing is misleading and could be considered patronising.

“Buyers will determine what a reasonable event fee level is as the market matures, and how pricing will reflect them - like all consumers value for money will be key. The Law Commission’s findings will now give the public reassurance that the process is fair and transparent and their rights are protected.”